Deferred Loan
A deferred loan is a loan with an initial payment holiday, meaning that you don't need to start making repayments straight away.
Most deferred loans have a deferment period of 3 to 6 months.
Deferred loans are perhaps most useful when you're using the loan for debt consolidation, as you can clear your debts and enjoy a little 'breathing space' to get your finances in order before commencing repayments.
One point to bear in mind is that interest will still be charged during the deferment period, so it's not a completely free deal.
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